Common use of Price Revisions Clause in Contracts

Price Revisions. Bid prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Separate revisions to the original Contract price shall be based on the average of prices in the OPIS Oil Price Daily for Kerosene and Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for Ultra-Low Sulfur products. 1D and 2D Prices will fluctuate according to the “Ultra Low Sulfur Kero” and “Ultra Low Sulfur Diesel” postings selected. The simple average of the high and low prices shown in the OPIS Oil Price Daily postings will be used to compute price revisions during the Contract period. NYSPro will compute any price revisions by determining the difference between the Posted Price on March 14, 2013 and the Posted Price on every Thursday during the contract period beginning with the OPIS Oil Price Daily of August 15, 2013. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be rounded at four (4) decimal places. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted on Thursday, the previous business day on which the specified prices are posted will be utilized. The average published prices on March 14, 2013 for 1D (ultra low sulfur kero) and 2D (ultra low-sulfur) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 BioDiesel are also shown below. Posting Location KEROSENE (1D) ULS DIESEL (2D) X0 X00 X00 Xxxxxx, NY 3.5326 3.1530 $3.1785 $3.2040 $3.2549 Buffalo, NY 3.8505 3.2283 $3.2500 $3.2717 $3.3152 Long Island, NY 3.5537 3.1903 $3.2139 $3.2375 $3.2848 Newburgh, NY 3.6463 3.2757 $3.2950 $3.3144 $3.3531 Syracuse, NY 3.7268 3.1918 $3.2153 $3.2389 $3.2860 Utica, NY 3.6943 3.2998 $3.3179 $3.3361 $3.3724

Price Revisions. Bid prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Separate revisions to the original Contract price shall be based on the average of prices in the OPIS Oil Price Daily for Kerosene and Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for Ultra-Low Sulfur ultra low sulfur products. 1D and 2D Prices will fluctuate according to the “Ultra Low Sulfur Kero” and “Ultra Low Sulfur Diesel” postings selected. The simple average of the high and low prices shown in the OPIS Oil Price Daily postings will be used to compute price revisions during the Contract period. NYSPro will compute any price revisions by determining the difference between the Posted Price on March 1413, 2013 2014 and the Posted Price on every Thursday during the contract period beginning with the OPIS Oil Price Daily of August 15November 13, 20132014. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be rounded at four (4) decimal places. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted on Thursday, the previous business day on which the specified prices are posted will be utilized. The average published prices on March 1413, 2013 2014 for 1D (ultra low sulfur kero) and 2D (ultra low-low- sulfur) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 BioDiesel are also shown below. Posting Location KEROSENE (1D) ULS DIESEL (2D) X0 X00 X00 XxxxxxB5 B10 B20 Albany, NY 3.5326 3.1530 $3.1785 $3.2040 $3.2549 3.7052 3.1970 3.1989 3.2008 3.2045 Buffalo, NY 3.8505 3.2283 $3.2500 $3.2717 $3.3152 3.9381 3.3595 3.3533 3.3470 3.3345 Long Island, NY 3.5537 3.1903 $3.2139 $3.2375 $3.2848 3.6000 3.2705 3.2687 3.2669 3.2633 Newburgh, NY 3.6463 3.2757 $3.2950 $3.3144 $3.3531 3.8129 3.2904 3.2876 3.2848 3.2792 Syracuse, NY 3.7268 3.1918 $3.2153 $3.2389 $3.2860 3.7175 3.3220 3.3176 3.3133 3.3045 Utica, NY 3.6943 3.2998 $3.3179 $3.3361 $3.37243.6050 3.1615 3.1652 3.1688 3.1761